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Those who sent people to war were those who fought with them in the front lines. No longer. Statistician, bestselling author, legendary investor Nassim Nicholas Taleb tells us how neocons (and many others) have no skin in the game.

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New York Times bestselling author of “Skin in the Game” Nassim Nicholas Taleb joins today’s Liberty Report to discuss the “interventionistas” who produce chaos everywhere in the name of “doing good.” What does it mean to have “skin in the game”? Tune in!

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Antifragile explains why understanding x is different from f(x) the payoff or exposure from x. Most of the harm/gains come from f(x) being convex or concave not understanding x. Forecasting is off an average, and average is for academics and other morons.

This video illustrates the point with XIV that went bust while being correct about volatility –and why people who make money are usually wrong.

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Oct.16 — The Black Monday crash was 30 years ago this week. “Black Swan” author Nassim Taleb was a trader for First Boston at the time. He made a lot of money while others lost fortunes. He recounts the experience with Bloomberg’s Erik Schatzker.